Bruno Le Maire is not yet a candidate for the 2027 presidential election, but he has already presented a platform. This Thursday, November 12, the former Minister of the Economy unveiled in Paris a set of 50 proposals aimed at fundamentally transforming the French economic model. Among the most significant measures are raising the retirement age to 65, extending the contribution period to 45 years, and limiting unemployment benefits to twelve months for those under 55. Bruno Le Maire also wants to increase the standard VAT rate by three percentage points to finance a reduction in payroll taxes. He presents this plan as a response to the public debt, weak growth, and the difficulties faced by the French in making a living from their work.
The former Minister of the Economy and Finance has set himself one key objective: to raise the median net salary to €4,000 per month, compared to just over €2,000 currently. To achieve this, he proposes an initial €50 billion reduction in payroll taxes, which he believes would immediately increase median net salaries by approximately €200. This reduction would be partly financed by a three-point increase in the standard VAT rate, while reduced rates would be maintained. Bruno Le Maire also wants to triple the taxation of digital giants, reduce certain social spending, and eliminate some tax loopholes. Finally, his plan includes capping unemployment benefits at €2,200 net per month, limiting the total amount of social assistance received to less than the minimum wage, and replacing the RSA (income support allowance) with a benefit for people unable to work.
A more demanding pension reform and austerity measures
The section on pensions marks a break with the compromises discussed in Parliament in recent months . Bruno Le Maire proposes raising the retirement age to 65 and requiring 45 years of contributions, while providing for a periodic review of these parameters based on life expectancy. He also wants to introduce a mandatory capitalization component, initially financed by the sale of some of the State's holdings in companies. Regarding public finances, the former minister advocates a temporary de-indexing of certain social benefits and pensions, with the exception of the lowest incomes, as well as a hiring freeze in a large part of the civil service. He is also considering exceptional contributions on the very highest incomes and the largest fortunes to help balance the public accounts.
This program comes at a time when Bruno Le Maire has still not officially announced his candidacy. The former minister wants to first defend an economic and institutional vision before deciding at the beginning of 2027 whether he will participate in the race.
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